Wall Street brokerages forecast that Vornado Realty Trust (NYSE:VNO) will announce $546.62 million in sales for the current quarter, Zacks Investment Research reports. Ten analysts have made estimates for Vornado Realty Trust’s earnings, with the lowest sales estimate coming in at $523.12 million and the highest estimate coming in at $594.30 million. Vornado Realty Trust posted sales of $528.76 million during the same quarter last year, which suggests a positive year over year growth rate of 3.4%. The firm is expected to report its next earnings results after the market closes on Monday, October 29th.
On average, analysts expect that Vornado Realty Trust will report full-year sales of $2.17 billion for the current financial year, with estimates ranging from $2.12 billion to $2.22 billion. For the next financial year, analysts expect that the business will report sales of $2.23 billion, with estimates ranging from $2.14 billion to $2.32 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Vornado Realty Trust.
Vornado Realty Trust (NYSE:VNO) last issued its quarterly earnings data on Monday, July 30th. The real estate investment trust reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The company had revenue of $541.80 million for the quarter, compared to analysts’ expectations of $539.78 million. Vornado Realty Trust had a return on equity of 5.16% and a net margin of 6.91%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.25 earnings per share.
A number of brokerages recently weighed in on VNO. SunTrust Banks restated a “buy” rating and set a $85.00 price objective on shares of Vornado Realty Trust in a research note on Thursday, August 16th. Scotiabank began coverage on Vornado Realty Trust in a research note on Tuesday, October 16th. They set an “underperform” rating for the company. Argus upped their price objective on Vornado Realty Trust from $76.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, July 3rd. ValuEngine upgraded Vornado Realty Trust from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. Finally, BMO Capital Markets restated a “buy” rating on shares of Vornado Realty Trust in a research note on Monday, October 15th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $79.78.
Large investors have recently made changes to their positions in the stock. Gruss & Co. Inc. bought a new position in shares of Vornado Realty Trust during the 1st quarter worth about $673,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Vornado Realty Trust by 9.1% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 91,605 shares of the real estate investment trust’s stock worth $6,165,000 after purchasing an additional 7,629 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Vornado Realty Trust by 8.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 182,745 shares of the real estate investment trust’s stock worth $12,299,000 after purchasing an additional 14,399 shares during the period. Guggenheim Capital LLC increased its holdings in shares of Vornado Realty Trust by 4.1% during the 1st quarter. Guggenheim Capital LLC now owns 517,125 shares of the real estate investment trust’s stock worth $34,802,000 after purchasing an additional 20,144 shares during the period. Finally, Amundi Pioneer Asset Management Inc. increased its holdings in shares of Vornado Realty Trust by 36.8% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 285,188 shares of the real estate investment trust’s stock worth $19,193,000 after purchasing an additional 76,776 shares during the period. 78.89% of the stock is currently owned by institutional investors.
Shares of NYSE VNO traded down $1.57 during mid-day trading on Wednesday, reaching $66.75. 647,884 shares of the company were exchanged, compared to its average volume of 1,013,304. The company has a debt-to-equity ratio of 2.41, a current ratio of 5.62 and a quick ratio of 5.62. The stock has a market capitalization of $13.00 billion, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 8.09 and a beta of 0.91. Vornado Realty Trust has a 1 year low of $64.13 and a 1 year high of $79.56.
About Vornado Realty Trust
Vornado's portfolio is concentrated in the nation's key market New York City along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2017.
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